Blocfest 2018 is part of KL Blockchain Week, where aside from 2 days of panel sessions and expert talks, you can attend a hackathon and Blockchain Forensics Summit which goes into the emerging field of blockchain forensics.

When it comes to blockchain, there’s still a lot of misconception about the “hows” and “whys” of its business applications.

A great deal is needed to remove the stigma that crypto scams have tarnished blockchain’s image with. It’s a slow journey though; Malaysia has yet to see widespread education enlighten the masses on blockchain’s real potential.

With Bank Negara adopting a “wait and see” approach, I personally had to rely on a variety of international articles and podcasts talking about blockchain to familiarise myself with what makes blockchain such a sought out technology by developers and business owners around the world.

To begin with, let’s dispel some of the common misconceptions you might have on what the real deal is behind blockchain.

Debunking Common Myths

1. “Blockchain equals to Bitcoin.”

Image Credit: ibm.com

The easiest way to not confuse the two would be to remember that blockchain enables peer-to-peer transactions to be recorded on a distributed ledger throughout the network.

Bitcoin, however, is a cryptocurrency that can be exchanged directly between two people without passing through a third party like a bank.

2. “Blockchain only benefits those in technology and finance.”

This is another side effect of the “blockchain = Bitcoin/cryptocurrency” misconception.

But there are actually a lot of industries that can make use of this technology.

Take supply chain management. Blockchain offers the benefits of traceability and cost-effectiveness because it can track the movement of goods, their origin, quantity and so forth.

This brings about a new level of transparency to B2B ecosystems where it simplifies processes such as ownership transfer, production process assurance and payments.

Many of these processes that were once manual labour tasks will now be able to be automated by blockchain, which is why it is seen as so disruptive to the industry.

3. “Blockchain is not a reliable system since cryptocurrencies are volatile.”

One fundamental concept of blockchain—it allows two parties to share valuable data in a secure and tamper-proof way, and without them ever needing to trust each other.

This is done via blockchain’s ability to store data using cryptography and innovative software rules that make it extremely difficult for attackers to manipulate.

Dictionary time: Cryptography is a method of storing and transmitting data in a particular form so that only those for whom it is intended can read and process it.

While even the most secure blockchain protocols are susceptible to attacks from hackers, it is quickly proving itself as a huge advancement in security over older, conventional alternatives.

Bringing Blockchain To The Masses

These myths are only scratching the surface of what majority of people think about blockchain.

Hence why Blockchain Asia was created: to start a community hub that supports the region’s emerging blockchain industry.

Part of this includes organising Blocfest 2018, and I think the ticket price tag justifies what you’ll be getting at the end of the event.

It’s anticipated to be one of the largest international blockchain festivals set in Southeast Asia, and will be held from 26th to 27th of September 2018 here at the Shangri-La Kuala Lumpur. The team sets out to become the pivotal blockchain event for the region, as well as providing a space where technology and innovation collide.

The event’s expected to house a number of major corporate and industry-based players with a total of over 30 guest speakers, panel experts and presenters coming together to share their insights and expertise about how blockchain can be used outside of cryptocurrency.

“We designed Blocfest as an enabler for Southeast Asian companies to be connected with technology at the sharp end of blockchain innovation,” said Hway Gwei, CEO of Blockchain Asia.

Blocfest will be divided into three tracks, split into regulatory (which will discuss the current regulatory landscape and what’s in store for the future of blockchain regulation), academic (academic concepts and their social impact on blockchain), and finally enterprise (technological aspects of blockchain and potential use-case applications).

The agenda has been curated to cater to a variety of people seeking for all the knowledge they can absorb regarding blockchain.

The Professional Speakers

Image Credit: Compiled from nem.io, youtube.com, and stthomas.edu

With Blocfest, Blockchain Asia has invited a number of prominent speakers with multiple years of experience in the blockchain scene.

Some of the speakers presenting include:

Reuben Yap, COO of ZCoin

Reuben is currently acting as the COO of Zcoin, a top privacy-centric cryptocurrency.

He’s been a key player in growing the local blockchain scene, personally being an advocate of online and financial privacy for over ten years. He is the founder of one of SE Asia’s top VPN companies and was part of being the first merchant in Malaysia to accept cryptocurrencies.

Expect to hear him provide his expertise on blockchain privacy and decentralisation technologies if you’ll be attending one of his panels.

Jason Hsu, Legislator & Crypto Congressman of Taiwan

Jason is currently a legislator and a member of the parliament and is personally involved in overseeing the technology developments and innovation happening in Taiwan.

Some of the crucial legislations he introduced and passed include Fintech Sandbox Act, Angel Investment Law, and Cybersecurity Management Act.

He’s also known as Crypto Congressman as he played a role in setting up Asia Blockchain Alliance (ABA) as well as Parliamentary Coalition for Blockchain and Industry Self-Regulatory Organisation (SRO).

Prof. Wulf Kaal, Founder & CEO of SEMADA.IO

Wulf Kaal is a widely-sought after adviser when it comes to crypto companies and startups.

What he mainly does is help clients build successful new crypto businesses on existing solutions, such as ICOs.

On a regular basis, he advises major corporations and private funds regarding various aspects of financial markets.

Lon Wong, Founder of ProximaX Ltd

Having served as the founder and past president of NEM.io Foundation, Lon Wong was an integral part in its early development phase and its current strategic growth. With more than 30 years of serial entrepreneurial, Lon now spearheads the ProximaX project and has been actively involved in its core development and architecture.

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There’s a lot of interesting things planned with this event, which could be a big asset in debunking the various misconceptions blockchain is tied to.

The main goal Blocfest is looking to achieve is education, to open people’s eyes to what blockchain has to offer, as well as create discussions between players on what they can expect for the future of blockchain in Malaysia.

So if you’ve been wondering for the longest time on how exactly blockchain could benefit your company or business, I’d say this event is a good investment.

If you’d like to purchase a ticket to attend Blocfest, you can purchase one here while the Early Bird prices are still going on!

For more information on Blocfest, and to check out the agenda for yourself, you can find their official website here.